McCain’s top economic adviser commits economic gaffe.

Earlier this week, Sen. John McCain (R-AZ) repeatedly erroneously referred to the Securities Investor Protection Corporation (SIPC) as the “SPIC.” Today on Fox News, McCain’s top economic adviser Douglas Holtz-Eakin — one of the “smart people” McCain said he relies on for economic policy — also referred to the “SPIC.” Watch it:

Holtz-Eakin mentioned “the SPIC” when discussing the “alphabet soup” of regulatory “agencies” — despite the fact that the SIPC is “neither a government agency nor a regulatory authority.” At least it’s now clear where McCain gets his faulty talking points.